Economy Minister Kemal Dervis said on Sunday, May 6, Turkey had sent a new letter of intent to the International Monetary Fund on Friday and he expected the IMF board to make a final decision on $10 billion of new loans on May 15.

Turkey was forced to float the lira on February 22, abandoning a crawling currency peg that had been the centerpiece of a three-year IMF-backed program. The lira has since lost around 40 percent of its value against the dollar.

Turkey has all but secured $10 billion in new loans from the IMF and World Bank to support a rescue program agreed in Washington late last month. Reforming the banking system and selling off Turk Telekom are key pledges international lenders want to see Turkey fulfil in return.

Dervis told a news conference that the two laws on banking and Telekom would be presented to parliament in the coming week. — (Reuters, Ankara)